Aug 30, 2013 - China Ming Yang Wind Power Group Ltd (NYSE:MY) saw its total comprehensive loss expand to CNY 87.4 million (USD 14m/EUR 11m) in the second quarter of 2013 from CNY 27.5 million a year before.
The wind turbine maker’s net loss attributable to stockholders was CNY 69.2 million as compared to a loss of CNY 26.6 million in the same period of 2012, its financial report showed on Thursday. Basic and diluted loss per share amounted to CNY 0.51 versus a loss per share of CNY 0.25.
Gross margin slipped to 12.29% from 14.52%, hurt by decreased selling prices of wind turbine generators (WTGs).
Mung Yang’s consolidated revenues in the three months declined by 32.7% year-on-year to CNY 537.4 million due to the reduced number of commissioned WTGs and weaker average selling prices. In total, the company registered revenues from 161 MW of its WTGs, including 90 units of 1.5-MW and 13 pieces of 2-MW machines. This was 18.7% less than a year earlier.
Ming Yang's order backlog at the end of June stood at 2.4 GW.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.